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Journal Entries in the Customer and Supplier Ledger
Tip! You can make entries in the customer
and Supplier ledgers directly from the Journal Entry. The Customer and
Supplier ledger module also contains functionality for payment follow-up,
interest invoicing, debt collection, remittance and more. For those users
whose program versions include the Sales/Invoicing- and Purchase modules,
journal entry is usually handled at the point of transferring the invoice
or payment from these modules.
In the default Chart of accounts
included with the program, accounts 1100
Debtors control account and 2100
Creditors control account are set up with a Customer and Supplier
ledger function. All customers and suppliers are linked to these N/Cs.
When entering journals against the N/C 1100
and 2100, you are therefore
asked to link the entry to a Contact.
How to make a double-entry in the journal
- Click New to
create a new journal entry.
- From the Journal type
drop-down list, select
Sales invoice (for customers)
or Purchase invoice (for suppliers)
depending on what type of entry you are making.
- Enter 1100 (for
customers) or 2100 (for suppliers)
in the N/C column. This opens
a list of all contacts that are marked as either customer (1100) or supplier
(2100) in the Contact card.
- Select the Customer
Supplier you are creating the entry against.
Click New to create a contact
if it is not in the contact register. In the registration window you can
also enter Name, Company reg. no. and VAT
no. f you would like to register
more information about the contact you will need to do so in the Contact
- Complete the Invoice
The rest of the fields are completed in accordance with the terms that
have been set for the customer. The Invoice date is set to the same as
the Journal date but you can override it.
- Press plus [+] on
the numerical keypad to close the window.
- Enter the Double entry
N/C and press [ENTER].
Double entry N/C! Using a double entry N/C speeds up the journal
entry process. The double entry N/C is the account that the journal line
is posted against. If e.g. you wish to enter a sale on 1100
Debtors control account, a natural double entry N/C would be 4000 Sales.
Click Insert entry
- Enter the gross invoice amount under Debit
and press [ENTER].
This amount will now be split between the VAT
code and the Double entry N/C
you entered in point 7.
The journal can now be transferred to the
Financials. When you update to
the ledger, the module for the Customer
and Supplier Ledger will be updated
automatically as well.
Currency: If you use different currencies when entering journals,
you should select to show the Currency
within the journal. You can define this within the Columns
tab in the user settings for journal entry.
Read more about:
Payments during Journal Entry
Entering Payments in the Customer and
Version 20.1. The documentation may refer to services and/or functions that are not included within your solution. If you wish to get more information regarding this, please contact Mamut.
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